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Shares in an American drinks producer soared by almost 500pc on Thursday after it announced that it would be adding the word "Blockchain" to its name.

New York-based Long Island Iced Tea Corp said it will change its name to Long Blockchain Corp because its parent company is shifting its corporate focus towards the "exploration of and investment in opportunities that leverage the benefits of blockchain technology".

The company, which will ask Nasdaq to change its trading symbol in connection with the name change, said it will continue to focus on the ready-to-drink segment of the beverage industry. It has registered the new web domain www.longblockchain.com.